Singapore’s GIC Fund Beats Out Blackstone, KKR in South Korean Property Deal
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Singapore sovereign wealth fund GIC Pte has been given a prior right to buy South Korean hotels valued at $413 million from conglomerate DL Group. DL Group was reported to have selected GIC as the preferred bidder to take over three hotels in South Korea operated by DL’s hospitality subsidiary, Glad Hotels & Resorts Co. The hotels are two business hotels in Seoul and a tourist hotel in Jeju with a total value estimate at $413 million. GIC beat out Blackstone Group, KKR and SC Capital Partners in the auction. DL Group wants to exit the accommodations business to focus on their core ones, such as chemicals, construction and energy.
Four Points by Sheraton Bintan, Lagoi Bay on Bintan Island in Indonesia celebrated its first anniversary by finally holding its grand opening. This marked the hotel’s full provision of all guestrooms, oceanfront villas, spa, 24/7 fitness center, two restaurants, one beach club, six meeting rooms and an outdoor events space. The resort includes a spacious tropical outdoor swimming pool and vibrant beach club setting. The hotel features 300 guestrooms and eight ocean-front villas. For a year they have been opening all their facilities. The room choices include standard Deluxe, Executive Suites, Cabana Ocean Suites with spacious terraces and the luxurious Oceanfront Villas. The latter includes a private pool and exclusive amenities. The hotel’s signature restaurant is Rempah Kitchen with other options including the Ararinda Lounge and El Lagoi Beach Club. The resort also offers 800 square meters of flexible function space including six meeting rooms and outdoor events space. The Sa’kai Spa, fitness center and a Kids Club round out the amenities.
The first Dorsett Hotel in Japan, Dorsett by Agora Osaka Sakai, is opening on March 25, 2025. The hotel will have a direct ferry service running four times daily connecting guests to the Osaka World Expo 2025. The hotel is just a 30-minute ride from the airport and includes 321 rooms and suites, a meeting room for up to 42 guests and an all-day dining restaurant with an outdoor harbor-front terrace. The guestrooms range from 22 to 44 square meters, with half offering views of the Sakai harbor. This is the first Dorsett Hotel in Japan but is the tenth hotel for Agora.
Dusit International and Grand Land Inc. have broken ground on ASAI Cebu Oslob, the first ASAI resort in the Philippines. ASAI Cebu Oslob is expected to open in late 2026 and will introduce ASAI Hotels’ signature blend of modern design, local experiences and vibrant communal spaces to Cebu in the Philippines. Grand Land is a subsidiary of the Gaisano Grand Group of Companies. This will also be the ASAI brand’s first beach resort, overlooking the shores of Barangay Lagunde. The resort will include 98 rooms, most featuring private balconies, with ocean or pool views, a signature communal space integrating ASAI’s Eat/Work/Play concept, a beach bar, pool overlooking the beach and a local-inspired dining experience showcasing Cebuano cuisine.
BWH Hotels Australasia is broadening its reach in South Australia, unveiling a new Best Western property in the town of Port Lincoln. The hotel transitioned from its former identity as the Hilton Beachfront Motel, sitting at a prime waterfront location. The hotel has 45 newly refurbished rooms, including deluxe waterfront suites offering panoramic views of Boston Bay. The hotel includes a dedicated conference room. For BWH, this hotel follows on the heels of the launch of the Best Western Adelaide Airport, marking the second Best Western property to be inaugurated in South Australia within a year. The hotel is owned by Across Australia Parks and Resorts Pty Ltd. The opening of the Best Western Port Lincoln is set for this current quarter.
Hoi A South Development Ltd., with a new CEO (Alan Teo) and consolidated ownership, has flagged a US$1 billion investment for Phase 2 of the Hoiana Casino IR in Vietnam. The development is set to accelerate in 2025 with the investment to be spread across nearly 209 hectares of land.
Chalet Hotels Ltd. has bought the Westin Resort & Spa Himalayas in Rishikesh as it expands its luxury footprint. The 141-room luxury property is located in the foothills of Uttarakhand. Chalet Hotels purchased the property from Mahananda Spa and Resorts, a unit of Mankind Pharma Ltd., for Rs 5.3 billion. Mankind Pharma will use the proceeds to reduce debt with the transaction expected to close on February 28.
SAMHI Hotels announced an SPA with Green Park Hotels & Resorts to sell its 100% stake in its wholly owned subsidiary Duet India Hotels Chennai OMR, which owns the Four Points by Sheraton Chennai OMR. The agreement values Duet India Hotels at INR 535 million with the transaction to be completed before April 1, 2025. With the close of the transaction, the Duet India Hotels company will cease to be a subsidiary of SAMHI Hotels.
SeaHorse Hospitality Consulting announced the successful facilitation of a partnership between Cygnett Hotels & Resorts and a premium property in Gurugram. The newly established Cygnett Collection Gurugram will feature 45 elegantly designed rooms, an all-day dining restaurant, a lively bar, modern social spaces and a rejuvenating spa. The hotel is nestled within the Mall FiftyOne in Gurugram, India’s Millennium City.
LaRiSa Hotels and AM Kollection announced a merger, creating a 100 Crore company with 32 properties and a new mid-market brand for travelers. The 26 operational properties in India total 950 keys. Six more hotels with another 120 keys are in the pipeline. The merged entity will operate under the LaRiSa Hotels & Resorts brand with expectations of achieving a growth rate of 20% to 25% over the next few years, fueled by new acquisitions, management contracts and strategic investments in niche markets. The newly formed company will be led by Priya Thakur and Randhir Naryan. Thakur is the owner and director of LaRiSa, and Narayan is the founder and CEO of AM Hotel Kollection. AM Hotel Kollection will remain as a sub-brand. The company plans to launch a new mid-market brand targeting travelers seeking affordable, high-quality experiences.